Weekly XAUUSD Technical Analysis and Forecast - Commodities

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Weekly forecast		Gold technical chart
Symbol	XAUUSD	Download MT4 template file Trading suggestion: By appearing primary signs of entering the market, new entry zone and short-term targets would be published.
Date	October 10, 2020 - 14:14
Current	range bound
Forecast	beginning of uptrend
Midterm forecast: While the price is above the support 1851.00, beginning of uptrend is expected. We make sure when the resistance at 2075.05 breaks. If the support at 1851.00 is broken, the short-term forecast -beginning of uptrend- will be invalid. Technical analysis: While the RSI resistance #1 at 62 is not broken, the probability of price increase would be too low. A trough is formed in daily chart at 1846.50 on 09/28/2020, so more gains to resistance(s) 1975.00, 2000.00, 2014.70 and maximum to Major Resistance (2075.05) is expected. Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses. Relative strength index (RSI) is 55. Supports and Resistances: 1851.00 Support on 09/28/2020 Support on 09/25/2020 Support on 09/24/2020 1817.75 Resistance on 07/20/2020 Resistance on 07/15/2020 Resistance on 07/09/2020 1747.50 Support on 06/26/2020 Support on 06/23/2020 Resistance on 06/19/2020 Resistance on 06/11/2020 Resistance on 06/02/2020 Resistance on 05/21/2020 Resistance on 05/20/2020 Resistance on 05/19/2020 Resistance on 05/18/2020 Resistance on 05/15/2020 Resistance on 04/14/2020 1695.00 Support on 06/09/2020 Support on 06/04/2020 Support on 06/03/2020 Support on 05/27/2020 Support on 05/12/2020 Support on 05/11/2020 Support on 05/05/2020 Support on 05/04/2020 Support on 04/29/2020 Support on 04/28/2020 Resistance on 04/21/2020 Resistance on 04/20/2020 Resistance on 03/09/2020 Resistance on 03/06/2020 Resistance on 01/23/2013 Resistance on 01/22/2013 Resistance on 01/18/2013 Resistance on 01/17/2013 Resistance on 01/02/2013 Support on 12/17/2012 Support on 12/14/2012 Support on 12/13/2012 Support on 12/07/2012 1557.00 Resistance on 03/23/2020 Resistance on 03/17/2020 Support on 03/12/2020 Support on 01/24/2020 Support on 01/23/2020 Resistance on 01/16/2020 Resistance on 01/15/2020 Support on 01/07/2020 Resistance on 09/04/2019 Resistance on 08/26/2019 Support on 04/11/2013 Support on 04/10/2013 Support on 04/03/2013 Support on 02/21/2013 Support on 02/20/2013 Click on the level to view price action history.